Globalvia acquires the shares of Abanca and Kutxabank in Itinere
Globalvia, in line with the contract signed on 27 July, has acquired the respective stakes of Abanca and Kutxabank in Itinere, thereby becoming a shareholder in the Spanish infrastructure group that manages 609 kilometers of toll roads in the northeast of Spain.
The transaction has its origin in the agreement reached on 27 July between Globalvia, Sacyr, Abanca and Kutxabank whereby Globalvia agreed to acquire the shares of the other three companies as an indivisible obligation, representing 55.6% of Itinere’s capital, setting a compensation of 100 million euros for any party that failed to fulfill the agreement.
With the period set for exercising preferential subscription rights pertaining to Corsair (or a third party designated by Corsair) having expired without these rights having been exercised under the same conditions as Globalvia, today’s meeting was convened by Globalvia to close the operation.
In view of Sacyr’s non-attendance at the closing, Globalvia will proceed with legal action to require that Sacyr complies with the sale commitment that Kutxabank and Abanca have met, and which included compensation of 100 million euros in the event this commitment was not fulfilled.